France 'Millionaire Tax' Approved: High Income Earners to be Taxed 75 Percent

Actor Gerard Depardieu will not be pleased: A top French court approved President Francois Hollande’s "millionaire tax" Sunday, ruling that companies with salaries of $1.55 million must now pay a 75 percent tax. Hollande had announced plans for the controversial tax during his presidential campaign back in February of 2012, but a previous version had been rejected by the court last year for violating the constitution. The new, record-high tax brings Hollande’s vision of a more middle-class France one step closer to reality, even as the country continues to struggle with its economy.

“The companies that pay out remuneration above 1 million euros will, as expected, be called upon for an effort of solidarity on remuneration paid in 2013 and 2014,” said the Economy Ministry.

In December 2012, the French Constitutional Council, which is made up of judges and ex-French presidents, rejected a previous version of the tax which was focused on individuals instead of companies, on the grounds that it violated the constitution, ruling that the legal limit for individuals was 66 percent. At the time, many of France's wealthier citizens had publicly criticized the proposal, with actor Gerard Depardieu even leaving the country in protest.

"I am leaving because you consider that success, creation, talent, anything different, must be punished," Depardieu said at the time, in response to Hollande, adding that he had given over 85 percent of his revenues in taxes in 2012.